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When Guinness Peat Group announced plans to sell its £1 billion portfolio of
investments in February, it predicted that the process might take three
years. But only three months later it has sold one of its more high-profile
holdings.

The activist investor, which — irony of ironies — initiated the sell-off
because of shareholder disgruntlement, confirmed yesterday that it had
disposed of its stake in Adnams, the family-controlled Suffolk brewer that
is listed on Plus Markets. GPG, which owned 8.9 per cent of the B shares, or
5.4 per cent of the total capital, realised about £2.2 million from the
sale.